Trump Urges Deere and Caterpillar to Cut Tractor Prices
President Trump urged major manufacturers to reduce equipment costs for farmers. He also announced new SBA loan guarantees and updated renewable fuel standards.
President Donald Trump of the United States announced on Friday his expectation for major agricultural supply brands to reduce the financial burden on farmers by lowering the costs of tractors and other essential machinery. Speaking at a White House event, the president specifically named industry leaders including Deere & Company, Caterpillar Inc., and Case as companies that should provide relief to the agricultural sector.
The administration is looking for these corporations to pass savings directly to agricultural producers. Following the president's remarks, market reactions were noted as shares of Deere & Co. fell by 2%, while Case manufacturer CNH saw a 1% decline. Caterpillar's stock remained relatively stable.
